"Go west young man"

"Ask not what your country can do for you - ask what you can do for your country"

"Walk softly but carry a big stick"

These phrases have all been famous at some point in our country's history. Now we have a new famous catch phrase that may with us for a while. What is the new phrase you ask.

620 or BUST!

That is correect. 620 or bust. 620 is now the lowest credit score that will be accepted for FHA loans. That is what we have been told. No more 580 and up. Those days are apparently gone. The new threshold is now 620. And remember if you want the best interest rate you had better be at 721 or above.

Is it now worth it to spend between $995 and $1,495 in order to get your credit cleaned up and get the lowest interest rate and if you qualify as a first time home buyer get an $8,000 tax credit? Only you can decide that but it doesn't sound like much of a decision to me.

If you have questions about repairing your credit, the tax credit or real estate please send me an email.

Have a great day and remember go west young person but go only with a 620 or better!

Ron